When working with memo payment plans, the below scenario describes how memo payment plan calculations work and help to understand the overall calculation process. The below scenario does not include various payment plan tax calculation scenarios.
Scenario
Ordered Total: $6000
- The first step collects a fixed amount of $1500. This means that regardless of the order total, an initial deposit of $1500 is collected.
- The second step collects 35% of the ordered amount. The percentage represents the cumulative total to collect by the time the second payment plan step is completed. You can use this step as a “catch up” step to ensure that as the event date draws near, enough deposit money is collected.
- In the above example, the ordered amount is $6000 and 35% of this amount is $2100. Since the first payment plan step collected $1500 of the cumulative amount of $2100, the second payment plan step only needs to collect $600 more.
- The third step collects a fixed percent of 25%. This payment plan step uses the ordered total of $6000 and collects 25% of this amount, which is $1500. The activity nor the cumulative effect in the previous steps does not have any effect on the fixed percentage.
- The final step collects the remainder of the actual amount of the order. It is assumed that at this step, all work orders for orders attached to the payment plan are completed. Instead of using ordered amounts, the step uses the actual amounts generated from the completed work orders and calculates the remaining amount to collect.
If more money is collected than is actualized on the order, then you can refund the overpayment to the customer.
Comments
6 comments
Where does it differentiate between the Memo Payment Plan and the Non-Memo Payment Plan? Is there an option that needs to be activated/deactivated?
0 upvotes
Hi Shelby,
Please refer to Organization Parameter AR303.
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Morning Sean
We're having some issues finding what you're talking about. Could you please offer some additional information?
Thanks!
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Hi Shelby,
You can find Org Parms via:
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Is there an actual view that matches the screenshot in the example? I only have 2 view options and neither look like the "payment plan calculation" example. I like how it has the "ordered total" area. My views don't have that option. Thanks
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Hi Leslie,
The Ordered Total is a field that is available on your layout. On the Edit Customer Payment Plan screen, in the lower right corner, there is an Edit Layout hyperlink that you can use to control the fields on your screen and the order they display in. If you don't have that link, then you may not have access to make those changes and need to ask your system administrator to add that field to the screen for you.
Thanks!
Maggie
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